Hanmi Bank Executive Employment Offer Letter to Brian E. Cho (EVP & CFO)

Summary

Hanmi Bank offers Brian E. Cho the position of Executive Vice President and Chief Financial Officer, with a starting annual salary of $270,000, incentive compensation, stock options, restricted stock, and various benefits including allowances, 401K, vacation, and health insurance. The offer is contingent on proof of legal work status, background check, and board notification. Employment is at-will, meaning either party can end it at any time. Acceptance requires a signed letter by October 19, 2007.

EX-10.1 2 v36029exv10w1.htm EXHIBIT 10.1 exv10w1

Exhibit 10.1

HANMI BANK

Corporate Headquarters

3660 Wilshire Boulevard
Penthouse A
Los Angeles, CA 90010
Tel. :      ###-###-####
Tlx. :     188386 HANMI
Fax. :      ###-###-####

October 15, 2007

Mr. Brian E. Cho
22566 E. Birdseye Drive
Diamond Bar, CA 91765

Dear Mr. Cho:

Hanmi Bank is pleased to extend an offer of employment to you as an Executive Vice President and Chief Financial Officer, on a full-time basis. In this position, you will be classified as an exempt employee, and are not eligible for overtime. Your annual starting salary will be $270,000 and you will receive the following incentives/ benefits:

•

Up to 50% of Annual Salary Incentive Compensation based on a set of goals

(First year only — Set $100,000 incentive compensation)

	•		30,000 Stock Option Grant

	•		5,000 Restricted Stock Grant

	•		Auto allowance $700 per month

	•		Cell phone allowance $100 per month plus Gas Card

	•		401K Plan

	•		20 days of paid annual vacation

	•		Immediate coverage of health insurance

All benefits are subject to change at the Bank’s sole discretion and also subject to the terms and conditions contained in the Bank’s employee’s handbook. This offer is conditional on you providing an acceptable evidence of your legal right to work and on the Bank’s review and approval of the results of a background and/or credit investigation as well as Board notification.

We greatly look forward to having you join our Bank and become a member of our team. However, we recognize that you retain the option, as does the Bank, of ending your employment with the Bank at any time, with or without notice and with or without cause. As such, your employment with the Bank is at-will and neither this letter nor any other oral or written representations may be considered a contract for any specific period of time.

If you plan to accept this offer, please be sure to return a signed copy of this letter to me or Human Resources Department by October 19, 2007. We look forward to your joining our team at Hanmi Bank.


		Sincerely,

		Sung Won Sohn President & CEO

I accept the offer from Hanmi Bank.


/s/ Brian E. Cho		11-1-07

Brian E. Cho		Date